Stock Market & Financial Investment News

BP sees growing operating cash to $30B-$31B by 2014 at $100/bblSays committed to offset any Russia-related EPS dilution. Says Rosneft transaction regulatory approval process in progress and transaction set to close in 1H13. Sees 15 major Upstream project start-ups by end 2014, including 5 major projects onstream and 10 major projects on-track. Sees Downstream delivering material and growing free cash flows to the group and reinvesting about 50% of Downstream operating cash. Comments from presentation slides for Q4 earnings conference call.

Euro, U.S. oil and gas groups to find tough competition in Iran, WSJ saysEuropean and U.S. oil and gas firms drawn to Iran as sanctions lessen can expect not only opportunities, but also Iranian companies offering tough competition or joint ventures, the Wall Street Journal reports. Though no Iran-based companies have the clout of firms such as Exxon Mobil (XOM) or Schlumberger (SLB), companies that can take on engineering tasks are emerging and growing in Iran, the report says. If the Iran nuclear agreement comes into effect and sanctions are lifted against Iran sometime soon, those Iranian companies will be well positioned to compete for tens of billions of dollars worth of service contracts, the report adds. Other publicly traded companies in the space include BP (BP), Chevron (CVX), ConocoPhillips (COP), Royal Dutch Shell (RDS.A) and Total (TOT). Reference Link

BP faces challenges in India, Russia, WSJ reportsBP's oil and gas fields project in India with Reliance Industries, the company's first major project since the Deepwater Horizon spill in 2010, has been stalled, posing global challenges for the oil giant, the Wall Street Journal reports. In addition, political hurdles in Russia and cost-ineffective shale operations in the U.S. have also hurt BP, the report says. Reference Link